Russian Newspaper Believe Bulgarian Real Estate is Hot

After several years where
Bulgaria’s property market has struggled, a leading Russian news service
believes that the current situation in the country offers a great opportunity
to buy a home.  Newspaper Rossiyskaya Gazeta says that now is a
great time to buy a holiday property in Bulgaria thanks to low prices and a
great choice of homes.

We look at the recovering
Bulgarian property market and why it is so popular with Russian buyers.

Low property prices attracting overseas buyers to Bulgaria

The newspaper reports that:
“This year the Russians’ enthusiasm for acquiring a home abroad is
breaking records. While up until 5 years ago, it was only the wealthy Russians
buying apartments, villas, and beach-front houses abroad, those are now
affordable for the middle class as well.”

Holiday homes in Bulgaria are as
popular with Russian buyers as homes in Spain, France, Cyprus and
Portugal.  Rossiyskaya Gazeta says that 340,000 Russians already own properties
in Bulgaria.  The newspaper also
reports that Russians are ranked fifth by the total investments in real estate
in Western European countries.

Bulgaria does offer low property
prices with a one-room apartment on the Bulgarian Black Sea coast available for
as little as €17,000 (£13,333).

“The properties worth up to
€50,000 [£39,220] are about 80 per cent of the properties on sale in Bulgaria,
and it is very profitable to invest with these prices.  However, it is possible that the prices
may drop because of the continuing escalation of the crisis, real estate
experts warn,” states Rossiyskaya
Gazeta.

While prices in Bulgaria are
cheap, it is important not to make a rash purchase.  The publication does warn that sometimes Russian buyers make
snap decisions about buying property in Bulgaria after they arrive on holiday
and see the ‘white-sand beaches’. 
The paper also advises potential buyers to rent a property in Bulgaria
before they buy and to closely study any respective property before making a
purchase.